Daily Pivots: (S1) 117.89; (P) 118.40; (R1) 119.09; More…..
Intraday bias in EUR/JPY remains on the upside at this point. Current rise from 114.42 should at least be correcting the fall from 122.87. Next target will be 121.14 resistance first. On the downside, though, break of 117.11 support will suggest completion of the rebound and turn bias back to the downside.
In the bigger picture, there is no clear sign of trend reversal yet. EUR/JPY is staying well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
